Data released on Thursday shows that overall sales of residential real estate in Dubai have surpassed Dh50 billion for the first time, marking yet another milestone.
According to Engel & Völkers Middle East’s most recent report, sales transactions rose to 19,605—an 80% increase from the previous year. Despite restricted supply, the off-plan category was the primary driver of sales in the secondary market, which saw a robust 33% growth in sales year over year.
“This remarkable performance showcases Dubai’s undeniable resilience and appeal as a premier global real estate market,” said Daniel Hadi, CEO of Engel & Völkers Middle East “The city continues to attract high-net-worth investors and global businesses seeking stability and growth opportunities.”
Even though average property prices have increased by 1.7%, Dubai remains a popular destination for investors due to its exceptionally competitive average rental yield of 6.9 percent. This strength, which comes amid global geopolitical challenges, further solidifies Dubai’s standing as a resilient and appealing real estate market.
Engel & Völkers praised Dubai’s real estate market as a brilliant example of luxury, innovation, and unparalleled living. Their most recent poll also included the top five affluent districts in Dubai. These communities are notable for their high-end living alternatives, unique features, and reputation. The city’s best residential neighborhoods are Palm Jumeirah, Dubai Marina, Downtown Dubai, Dubai Hills Estate, and Emirates Living, which provide both renowned waterfronts and peaceful suburban havens.
Palm Jumeirah: The world’s largest artificial island, Palm Jumeirah is the epitome of luxury living, including private homes, marinas, and expensive shops. The average price of a beachfront villa is Dh37 million, and it typically comes in first for real estate deals over Dh10 million.
Dubai Marina: Dubai Marina, a modern hub that attracts young professionals and families, is renowned for its excellent dining options and vibrant nightlife. The region is well-liked by discerning buyers due to its renowned canal and elegant waterfront homes.
Downtown Dubai: Downtown Dubai is home to the renowned Burj Khalifa, Dubai Mall, and Dubai Opera in addition to providing unparalleled urban luxury. Its luxurious homes attract wealthy individuals looking for the best city life.
Dubai Hills Estate: This perfect fusion of luxury and nature appeals to professionals and families that value a suburban environment with lots of green space. It offers a unique environment for living because to its expansive parks and renowned 18-hole golf course.
Emirates Living: This community, which includes The Springs, The Lakes, The Meadows, and the affluent Emirates Hills, is ideal for families looking for peace and quiet and easy access to elite schools. Its serene lakes and lush surrounds offer a suburban experience that is unmatched.
Despite a slight drop in the number of residential sales and rental transactions, Dubai’s commercial real estate sector showed its robust underlying demand. The overall amount of commercial sales reached a record Dh10.9 billion, the highest monthly total for 2024 and 10% higher than in 2023. This growth was primarily driven by rising transaction values and continued demand in high-end commercial spaces.
Notably, the average office pricing rose 37% from the previous year to Dh1,503 per square foot, and sales in the office sector grew by 24% year over year. Additionally, although retail rental prices rose 6.9% over 2023, office rental rates rose a whopping 25.8% year over year.
Given Dubai’s continuous economic expansion and the influx of businesses relocating or expanding there, Engel & Völkers Commercial anticipates a robust 2024 and a promising 2025.
Whatsapp